Key facts
- Deloitte cut about 100 UK financial advisory staff in February 2024.
- KPMG eliminated over 3,300 roles between September 2024 and May 2025.
- KPMG cut about 10% of its US audit partners in 2025.
Robert Jenrick, a Member of Parliament for Reform UK, has publicly criticized major accounting firms Deloitte and KPMG for their recent decisions to lay off staff. The criticism comes as both firms have undertaken significant workforce reductions, impacting employees in the UK and the US. Deloitte reportedly cut around 100 jobs in its UK financial advisory division in February 2024, citing a slowdown in deals and advisory work. The firm also made cuts in its US government consulting practice in 2025, partly due to contract losses. KPMG has undertaken a more extensive restructuring, eliminating over 3,300 roles globally between September 2024 and May 2025, including an unusual move to cut about 10% of its US audit partners. Both firms have pointed to factors such as reduced voluntary attrition, softening demand in certain advisory areas, and efficiency gains from AI as reasons for the layoffs.